Hey Traders, hope the week has been going good for you. There hasn’t been much with the trading period this week and it has been rather slow i should say. Most of the news indicators didn’t really hit our triggers last week and this week as well. The FOMC minutes last night(SGT) didn’t really mean much and there was a hint that the contraction of the economy would further continue.
The housing slump hasn’t really stabilized as yet and with more fresh write-offs from UBS and other institutions, there are no signs of this slowing down even either. This is supported by a worse than expected drop of -1.9% in U.S pending home sales for the month of February after initial forecasts estimated a drop of only -0.7%. The share markets ended slightly down on Tuesday with the NASDAQ dropping 7 points (-0.5%) and the Dow Jones shaving 36 points (-0.3%).
Bank Of Japan(BOJ) Governor Shirakawa just spoke less than an hour ago and the market really even moved anything. None on the JPY and none on the cross pairs that influence the carry trades. I still feel that there is a sense of anticipation and awareness with all statements and releases made from all indicators as of late to avoid any deflation or inflation of the already over sensitive market.
I guess you can take time of for today as well, for there is really nothing happening. There are no key indicators being released apart for the AUD Employment indicator which is released at 2130 hrs, NY Time, 0930 Hrs,SGT, tomorrow. However, i don’t feel that this will be a market mover. If you really want a trade you can speculate a buy on AUD/USD for about 20-30 pips. I will be staying out of it though.
Good luck for your trades and talk to you tomorrow.
Take care & God Bless,
Seeni
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[…] that, we had absolutely nothing tradeable yesterday. As mentioned, there could have been a speculative buy on AUD/USD for the AU employment change […]